First off, if it's making any unusual sounds (you "mentioned high pitched squeaks") then there could be a mechanical problem. Every time you power the drive on it could quite possibly make the problem 100x worse, or even ruin any chance of recovery. Just putting that information out there. If you're not too worried about making a bad problem worse, and accept the risk, you could try the following:
Post the terminal output to get a better picture of what is actually going on in there.
You can look here for info on how to connect via terminal.
http://www.msfn.org/board/topic/128807- ... 0011-hdds/ (obviously don't do the solution, just read the part on how to connect to terminal)
If the data is high priority then rather take it to a pro, rather than fiddle and possibly make the situation worse.